創投聲譽對初次上市櫃公司長期股價與營運績效影響之研究

Abstract

本研究旨在探討創投聲譽對被投資公司上市櫃後長期股價和營運績效的影響。依據承銷商和會計師事務所聲譽的建構概念，以創投所投資之公司掛牌上市家數與上市新股發行市值的市佔率、創投對被投資公司平均持股比率、創投擔任被投資公司董監席次比率、創投成立年數、創投公司的股東權益總額等六項變數為基礎，建構創投公司在各年度的聲譽複合分數，再分年按中位數區隔「高聲譽」與「低聲譽」之創投公司。檢測樣本為1995年至2001年間之台灣新上市上櫃公司。實證結果發現有創投介入的公司，在上市櫃後長期股價表現方面顯著優於無創投介入的新上市櫃公司；再針對有創投介入的新上市公司進行分析，結果發現創投聲譽與被投資公司上市櫃後之長期股價報酬和營運績效間存在顯著的正向關係。本研究主要貢獻為建構創投聲譽的衡量方法，冀補足過去創投與新上市公司長期績效方面相關研究的缺口，並驗證創投事業在監管和提升新創公司價值與營運效能上存在明顯差異，本研究成果可提供後續研究一個新的思考方向。

The objective of this study is to investigate the impact of venture capital (hereafter, VC) reputation on the operating and stock performance of firms going public. We refer to concepts of the underwriter reputation and audit or industry specialists to develop a composite score of VC reputation. Six measures used to compute VC reputation scores include the number and market value market share of a venture capitalist in the IPO market, shareholdings, percentage of board members, age, and funds-under-management of VC. We differentiate VC firms into high and low reputation brackets based on a composite score each year. Our sample of IPOs spans a period 7 years from 1995-2001. The results show that VC backed firms have superior stock return relative to non-VC capital backed firms in the two years following listing. Moreover, we find higher reputation VC firms are associated with significantly superior long-run operating and market performance. Overall, we construct a composite measure for VC reputation, and confirm the differences in reputation and monitoring skills and efforts between various VCs. The results may provide further insight into the topic.